If you were charged the maximum rate of interest on a $1000 loan for one year, the interest cost would be $60.

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If you were charged the maximum rate of interest on a $1000 loan for one year, the interest cost would be much higher than $60. The maximum rate of interest varies depending on the lender and the borrower's creditworthiness, but it can be as high as 25-30% or more. At a 25% interest rate, the interest cost on a $1000 loan for one year would be $250.

If You Were Charged the Maximum Rate of Interest on a $1000